Improved Mortgage Handling
Scheduled transactions cannot cope with overpaying on the principal, where the current balance (instead of estimated) is required for computation.
Andrej Prsa
shared this idea
2 comments
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YeOldHinnerk
commented
If you like this feature request, please consider giving your votes instead to "Scheduled Transactions: Extend Formulas"
The above feature request is more general and is not limited to mortgage. It solves many more problems and therefore has also the potential of attracting more supporters.
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Eric Gemme
commented
And I must add that some mortgage contracts allow to borrow on your home equity up to the original mortgage amount. Doing so set the balance to a higher value. Depending on how fast you paid so far (by overpayments or by benefying of a lower variable rate), you may either keep the actal payment and stretch your final payment by a couple of months, or boost your payment to catch-up the forecasted end of mortgage.
To acheive this, the loan p+i calculation engine MUST rely on the actual balance of a loan, not a linear payment schedule from the beginning. I get this flexibility with Quicken. Mortgage is a powerful financial tool rather than a simple loan as you normally get when buying a car and can't do anything with your payment other than clearing prematurely the loan.
But don't get me wrong, Gnucash is a worthfull software to consider in replacement of Quicken. It is just lacking a loan engine as flexible as the one in Quicken.
